The 50-day and 100-day moving average lines crossed bullishly last week; nevertheless, Bitcoin was unable to maintain the bullish momentum and witnessed a price shakeout.<\/p>\n
Later in the week, the price recovered and attempted to break above the moving average lines once more, but was swiftly rejected and fell below the $40,000 level.<\/p>\n
Bitcoin Selling Pressure<\/h2>\n
During the week of April 18-24, BTC prices declined marginally. While the week began with an upward advance that resulted in a local high of $42,976, the price declined in the later part of the week, resulting in a protracted upper wick (red icon). This is interpreted as an indication of selling pressure.<\/p>\n
BTC is currently trading considerably below the $42,000 mark. This is a critical long-term level that has served as both support and resistance intermittently since May 2021.<\/p>\n
<\/p>\n
BTC total market cap at $731.41 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n“Bitcoin and the majority of cryptocurrencies fell over the weekend as a result of growing tensions in Ukraine on the one hand and the US Federal Reserve’s views on interest rate hikes due to inflation on the other,” Edul Patel, chief executive\u00a0and co-founder of Mudrex, explained.<\/p>\n
Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case<\/a><\/em><\/strong><\/p>\n
BTC Seen To Lose Upward Momentum<\/h2>\n
Bitcoin currently has a support level of $37,000 and a resistance level of $46,000. According to Patel, crypto investors may see the two major cryptocurrencies, BTC and ETH, lose their upward momentum.\u00a0 ETH is down by 3% and has been trading below $3,000 since Friday.<\/p>\n
“If BTC falls below $35,000, the next significant support level will be $30,000. In the following days, we may see range-bound trading,” Patel said.<\/p>\n
Meanwhile, the $42K support level for BTC has morphed into a significant resistance level in the shorter timeframes following the price’s failure to break above it.<\/p>\n
At the $42K level, selling pressure was visible, resulting in a sharp plunge to the $39K zone, which is currently being tested.<\/p>\n
Featured image from Newsweek, chart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"The price of Bitcoin plummeted below $40,000 on Monday, while other cryptocurrencies saw losses, according to Coingecko data. BTC is trading extremely close to two long-term support levels but has not yet demonstrated any bullish reversal indicators. This comes as investors remain wary of the situation in Ukraine and the possibility of a US central bank rate increase. The global cryptocurrency market cap is $1.80 trillion, down 2.04 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 20.13 percent to $65.06 billion. Suggested Reading | Bitcoin Struggles To Breach $40,000 Level, Down 4% In Last 24 Hours The 50-day and 100-day moving average lines crossed bullishly last week; nevertheless, Bitcoin was unable to maintain the bullish momentum and witnessed a price shakeout. Later in the week, the price recovered and attempted to break above the moving average lines once more, but was swiftly rejected and fell below the $40,000 level. Bitcoin Selling Pressure During the week of April 18-24, BTC prices declined marginally. While the week began with an upward advance that resulted in a local high of $42,976, the price declined in the later part of the week, resulting in a protracted upper wick (red icon). This is interpreted as an indication of selling pressure. BTC is currently trading considerably below the $42,000 mark. This is a critical long-term level that has served as both support and resistance intermittently since May 2021. BTC total market cap at $731.41 billion on the daily chart | Source: TradingView.com “Bitcoin and the majority of cryptocurrencies fell over the weekend as a result of growing tensions in Ukraine on the one hand and the US Federal Reserve’s views on interest rate hikes due to inflation on the other,” Edul Patel, chief executive\u00a0and co-founder of Mudrex, explained. Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case BTC Seen To Lose Upward Momentum Bitcoin currently has a support level of $37,000 and a resistance level of $46,000. According to Patel, crypto investors may see the two major cryptocurrencies, BTC and ETH, lose their upward momentum.\u00a0 ETH is down by 3% and has been trading below $3,000 since Friday. “If BTC falls below $35,000, the next significant support level will be $30,000. In the following days, we may see range-bound trading,” Patel said. Meanwhile, the $42K support level for BTC has morphed into a significant resistance level in the shorter timeframes following the price’s failure to break above it. At the $42K level, selling pressure was visible, resulting in a sharp plunge to the $39K zone, which is currently being tested. Featured image from Newsweek, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":488842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,85834],"tags":[428,1119,6664,7918,4276],"class_list":["post-488840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-federal-reserve","tag-bitcoin","tag-btc","tag-crypto","tag-federal-reserve","tag-ukraine"],"acf":[],"yoast_head":"\n
Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin plummeted below $40,000 on Monday, while other cryptocurrencies saw losses, according to Coingecko data. BTC is trading extremely\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-btc-dips-below-40000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike\" \/>\n<meta property=\"og:description\" content=\"The price of Bitcoin plummeted below $40,000 on Monday, while other cryptocurrencies saw losses, according to Coingecko data. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-dips-below-40000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-dips-below-40000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/04\/Bitcoin-7.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/04\/Bitcoin-7.jpg?fit=790%2C524"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","federal reserve","ukraine"],"dateCreated":"2022-04-25T10:00:30Z","datePublished":"2022-04-25T10:00:30Z","dateModified":"2022-04-25T10:00:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-dips-below-40000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-dips-below-40000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/Bitcoin-7.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/04\\\/Bitcoin-7.jpg?fit=790%2C524\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"federal reserve\",\"ukraine\"],\"dateCreated\":\"2022-04-25T10:00:30Z\",\"datePublished\":\"2022-04-25T10:00:30Z\",\"dateModified\":\"2022-04-25T10:00:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/04\/Bitcoin-7.jpg?fit=790%2C524","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/488840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=488840"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/488840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/488842"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=488840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=488840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=488840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}